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SMM Morning Review - 2010/12/7 Copper Market
Dec 7,2010 09:42CST
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SHANGHAI, Dec. 7 (SMM) – Recently, a series of mixed economic data has been released. Market sentiment keeps cautious along with the lower-than-expected non-farm employment payrolls in the US, the Fed’s chairman remarks on re-purchasing government bonds, and market concerns over the European debt issues. China’s National Bureau of Statistics will announce macro economic data on December 13th, and market expects to see the CPI data to rise further, which will reignite market speculations on interest rate hike in China. The US dollar advanced yesterday due to the lingering market fears over the European debt issues, reaching as high as 79.97 before ending at USD 79.70, up 0.7%. The US dollar index finished at 79.57 when LME copper market ended. LME copper price movements were in negative correlation with the US dollar trend, with the highest price at 8,802/mt, and finally ended at USD 8,782/mt. With continuous declines in LME copper inventories, LME copper prices kept rising, up 0.49%. Positions were up slightly by 3,801 lots, while trading volumes continued to wane, the lowest level in recent five trading days, with obvious cautious trading sentiment.

During Tuesday’s Asian trading hours, the US dollar index is expected to move between 79.2-79.9, and LME copper prices will fluctuate in the USD 8,760-8,870/mt, and SHFE three-month copper contract prices will be in the RMB 65,400-66,400/mt range on Tuesday.


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